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Do I Need A Prenuptial Agreement?

Prenuptial agreements, also known as premarital agreements or even “prenups”, are agreements between prospective spouses made in contemplation of their marriage. A prenuptial agreement helps a married couple establish what is yours, what is mine, and what is ours.

These agreements become effective upon marriage, and deal with how you and your spouse’s finances are to be shared during marriage and how to divide them in the event of a divorce, without the pressures and hostility of separating. Discussing these financial matters up front can help couples work together and move forward in their marriage.

A prenuptial agreement is not a bad thing, it is a powerful tool which usually includes provisions for your marital and separate property, your incomes, inheritances received, and issues surrounding spousal support or support alimony. It can also address the rights of each spouse upon the death of the other spouse as well.

Prenuptial agreements are not only for people who consider themselves wealthy. While a wealthy individual may use a prenuptial agreement to safeguard significant assets, a less wealthy individual may use a prenuptial agreement to keep control of his or her limited assets, or to protect a child’s inheritance.

The keys to a valid and enforceable prenuptial agreement are full disclosure and basic fairness of the agreement.

Contact the experienced family law attorneys at The Crosthwait Law Firm to discuss learn more about how a prenuptial agreement can benefit you.